Analyst Predicts SOL Could Reach $2,800
After experiencing some selling pressure last week, Solana has managed to bounce back, gaining 20% from its June 2024 lows. The positive price action has caught the attention of analysts who are now speculating that SOL could see significant gains in the near future.
- One analyst, referencing the price movements of SOL over the past few months, highlighted the possibility of the coin outperforming the broader market and surging to as high as $2,800 in the next bullish cycle.
- The comparison was drawn between the current price action of SOL and Ethereum back in 2018, where Ethereum experienced a similar trajectory before eventually rallying by over 20X within 660 days.
- The analyst believes that due to the similarities in retracement depths between ETH and SOL in 2018 and 2022, there is room for SOL to achieve new all-time highs, potentially reaching above $2,800.
Solana Attracts Meme Coin Projects and Spot ETF Hopes
The growing optimism around Solana’s price potential is driven by several factors, including the network’s expanding popularity and the increasing number of developers flocking to the platform.
- Developers, especially those working on meme coin projects, are drawn to Solana’s low fees and high scalability, making it an attractive platform for launching new tokens.
- Meme coins like BONK and BOME, which have achieved significant market capitalizations, have already migrated to Solana, further boosting its appeal in the crypto space.
- Moreover, the recent applications for spot Solana exchange-traded funds (ETFs) by VanEck and 21Shares have generated positive sentiment among investors and traders.
- While the regulatory approval process for these ETFs is still ongoing and subject to review by the SEC, the success of spot Ethereum ETFs has raised hopes for the approval of similar products for Solana.
- If approved, a Solana ETF in the US could open up new investment opportunities for institutions, potentially driving prices even higher.
Hot Take: Solana’s Price Outlook
Despite the recent bounce in SOL prices, the overall trend remains bearish, similar to other major cryptocurrencies like Bitcoin and Ethereum. However, there are signs of potential upside if certain price levels are breached.
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